The cybercrime underground understands our payments ecosystem. They understand the hardware, software and security in place and how to manipulate its vulnerabilities and business logic. They will search for the weakest link to achieve the biggest ROI. Cybercrime is a business, after all.
The good news for legitimate businesses: there is hope. Protecting the safety and integrity of the U.S. payment system is a top priority and the responsibility of all payment industry stakeholders, but those efforts take a village. That is why RSA participated in the Federal Reserve System’s Secure Payments Task Force, a coalition of over 200 payment industry stakeholders that worked together collaboratively to address a myriad of payment security challenges.
The Task Force met with the goal to conduct a fine grain analysis of our payments ecosystem and best practices for securing our payment infrastructure against cybercrime. We discussed security issues and identified challenges and opportunities to improve payment security, including identity management, data protection and information sharing to mitigate fraud.
The Task Force collaborated to create several valuable resources for the payments industry including a catalogue of payment-related Information Sharing Data Sources that can help enable the identification and reduction of payment system fraud in an effort to spur greater adoption and use by the industry. The list of data sources highlights broad-reaching intelligence reports, payments fraud trends, best practices and benchmarks, and additional resources that can help your organization address payments fraud risk.
Also, the Task Force (Read more...)
*** This is a Security Bloggers Network syndicated blog from RSA Blog authored by Angel Grant, CISSP. Read the original post at: http://www.rsa.com/en-us/blog/2018-05/secure-payments-of-the-future.html